All major automobile companies in the country increased vehicle prices twice in the past few months. The primary reason behind this price surge was rupee’s devaluation against the dollar.
The companies told that despite localized production and assembly, most vehicle parts are imported. Whenever rupee’s value declines, the prices of these parts go up and hence the overall vehicle rates increase as well.
Honda along with Suzuki, FAW, and Toyota recently hiked prices of their car fleet. Honda is the latest company to announce a surge in the bike prices thanks to the rupee devaluation. The price increase ranges from Rs 500 to Rs 3,000 depending on the models.
Here is how the rates have been updated by Honda Pakistan;
Honda CD-70 saw an increase of Rs 500. The model now costs Rs 64,500 as compared to the old rate of Rs 64,000.
Honda CD-70 Dream costs Rs 68,500 now, the price of this model increased by Rs 1,000 from Rs 67,500.
Honda Pridor 100cc is available for Rs 88,000 after an increase from the old price of Rs 87,000.
Honda CG-125 saw an increase of Rs 1,500 in the price. The bike now costs Rs 109,000, the previous price of the model was Rs 107,500.
Honda CG-125 Deluxe The Deluxe saw a huge increase of Rs 3,000 in its previous price tag of Rs 126,500. The bike now costs Rs 129,500.
Honda CB-150F The 150cc bike’s price increased by Rs 3,000 as well. The new price is set at Rs 165,000 after an increase from its previous of Rs 162,000.
Price Not Stopping the Sales
Despite the price hikes, Atlas Honda is selling a record number of bikes. The company sold more than 1 lac units of bikes in January alone. According to estimates, the bike sales will cross 1.1 million units by the end of the current fiscal year. The sales are further expected to rise as the demand for two-wheelers on the congested Pakistani roads is continuously increasing.
One last thing to mention here is that the government imposed through import regulations to reduce the trade deficit. However, it has somewhat failed to curb imports as an increase of 23% in completely and semi-knocked down kits imports was seen over the year. The import bill for these bike kits reached $69 million, up from $56m year-on-year.